Originally Posted by 32krazy!
i guess we have to agree to disagree. when i bought my house i borrowed the money for it. the only thing i will borrow for. i have zero credit cards and i put 60,000 down on a 115,000 house. my interest rate in 2005 was 5%. bank didnt care at all about my credit rating. they cared about my ability to repay the loan. good job no debt big downpayment = house. that simple.
as for renting a car my debit card worked just fine last month when i rented a car in fl. even got my AAA discount!
blackcrossfire in theory you are correct. what you failed to realize is that if you lost your job tommorrow and it took 3 months to find another that paid 15,000 per yr less would you be able to pay all the debt owed? thats were a majority of the country failed to relize and fell into that black pit of borrow borrow. still gotta pay it back job or not.
as it is america folks are free to do as they please. for me ill stick to the old theory of save and pay cash. no stress and i get to have my toys and hang with the gang on here. just works for me!
yes with all that said some of us do not have the opt to save 60k or to save a large amt like that any time soon. I am 21 i own my own home. "mortgage" yes i borrowed money, and im happy i did. if i didnt i would still be renting, and thats crazy. i could not see paying 600 a month for a town house when i could have my own house for 350 a month.. yes i currently have debt, a payment on my xfire and on my arua. the banks look at every thing your debt to income, ur payment history and your job history. now days i find that the banks are extra tight and that they are not going to lend out any money on less there sure u can pay them back..
because i have my debt, and im paying on time it is raiseing my credit score. currently it is a 750. i am proud of my debt and my score .. just my 2 cents